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Aura Energy Ltd shares edged higher on Monday after the company reported positive developments for its flagship West Africa uranium project. The stock was up 4.1% to 7.55 pence midday Monday in London. Aura Energy is a Melbourne, Australia-based mineral exploration company with projects in Mauritania, Sweden and Western Australia. It reported ‘substantial’ progress in the quarter that ended June 30 with regard to its Tiris uranium project located in Mauritania as it continues to advance financing discussions with the US International Development Finance Corp, together with other institutions and investors that Aura didn’t name. Term sheet negotiations and due diligence are ‘ongoing’, Aura Energy said, with all proposals non-binding and remaining confidential at this stage. The project is on track for delivery in 2027, Aura noting that basic engineering by John Wood Group PLC is expected to complete late in the third quarter of this year, with adjudication of supply and construction bids progressing. Aura Energy also said that detailed execution planning is ‘well advanced’ and that the evaluation of power supply options is progressing. In Sweden, Aura Energy said it is progressing licensing initiatives for its Haggan polymetallic project, noting that it has entered into a collaboration agreement with Sydney-based Neu Horizon Uranium Ltd. This follows its announced plans to do so, reported in June. The company reported cash of A$11.7 million, or £5.7 million, as at June 30, down 28% from A$16.2 million at the end of March. Looking ahead, Aura Energy said the next steps at Haggan include the continuation of work supporting the exploitation permit application. For Tiris, next steps include the progression of project development funding, advancing offtake contract negotiations and continuing basic engineering. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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